• Asian stocks gained as China’s central bank stepped up support for the economy by adding $112 billion of cash into the financial system. Treasuries edged lower.
• A regional equity gauge rose to its highest since early August, with Hong Kong stocks rallying more than 3%. Futures for US stocks were flat after a technical indicator showed they are in overbought levels. The S&P 500 saw a small advance in the previous session and the Nasdaq 100 fell after an over 50% surge in 2023.
• The People’s Bank of China injected a record amount of cash via one-year policy loans as it seeks to support an economy suffering from a property market crisis and weak demand. A key set of monthly data showed China’s recovery is still patchy, but a relaxation of home buying curbs in Beijing and Shanghai kept traders upbeat.